Makarony Polskie S.A. (MAK) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Makarony Polskie S.A. PLN 25.51, price PLN 24.40, upside +4.6%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range 5.29 PLN – 26.70 PLN · fair‑value band 15.37 PLN – 38.62 PLN · the 24.40 PLN price screens below the 25.51 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Makarony Polskie S.A., together with its subsidiaries, manufactures and sells pastas for various consumers in Poland. The company offers various pasta products, as well as jams and reserves; ready meals, pates, lards, preserves.
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Makarony Polskie S.A., together with its subsidiaries, manufactures and sells pastas for various consumers in Poland. The company offers various pasta products, as well as jams and reserves; ready meals, pates, lards, preserves. It offers its products under the Makarony Polskie, Sorenti, Solare, Stoczek, Meska Rzecz, Tenczynek, Novelle, and So Food brand names. The company also exports its products. Makarony Polskie S.A. was incorporated in 2004 and is headquartered in Rzeszów, Poland.
Stock analysis
Makarony Polskie S.A. (MAK) currently trades at 24.40 PLN, while our model-based Fair Value estimate is 25.51 PLN, implying the stock looks roughly 4.4% fairly valued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 37.90 PLN per share, and 14 of the 26 models we run sit above the 24.40 PLN price.
Bear case: the Dividend Discount group reads lowest at 8.18 PLN, and 12 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 15.37 PLN (bear) to 38.62 PLN (bull), the price of 24.40 PLN sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 56/100 (solid quality), in the Consumer Defensive sector.
Mixed Growth: Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
Makarony Polskie S.A. reported revenue of 294M PLN in FY2025 versus 170M PLN in FY2021, a compound +14.7%/yr. Reported net income was 21.5M PLN in FY2025, compounding +35.4%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 266M PLN (≈ $69.3M) · P/E ratio 13.3 · P/S ratio 0.97 · EPS (TTM) 1.84 PLN · Dividend yield 3.0% · Net margin 7.3% · Return on equity 10.8% · Return on assets (EBIT) 12.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 24% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −2% fair-value upside, at 5%, MAK screens cheaper than that median.
Fair Value models
Bear 15.37 PLNFair Value 25.51 PLNBull 38.62 PLN
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (1.35 PLN per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+26.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+23.6%
Dividend (yield on the price)3.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.24% vs 14%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → 8%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+27.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Poland: IMF forecast 3.1% a year to 2030, 4.6% from 2016 to 2025) that is about +23.9% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Packaged Foods · 667 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside+4% · Above median
Profitability
Return on equity (TTM)11% · Above median
Return on assets6% · Above median
Net margin (TTM)7% · Above median
Operating margin (TTM)10% · Above median
Growth and dividend
Revenue growth−2% · Bottom 25%
Dividend yield (TTM)3.0% · Above median
Balance sheet
Debt / equity0.02× · Below median
Valuation Multiplesvs Packaged Foods median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Makarony Polskie S.A. Fair Value". https://www.fairvalue-calculator.com/stock/MAK
Frequently asked questions
Is Makarony Polskie S.A. (MAK) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 25.51 PLN versus a price of 24.40 PLN, about +5% upside (fairly valued).
What is the fair value of MAK?
Our model-based fair value for Makarony Polskie S.A. is 25.51 PLN (as of Sep 23, 2026), built from audited fundamentals. The current price: 24.40 PLN.
What is the quality score of MAK?
Makarony Polskie S.A. has a Quality Score of 56/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Makarony Polskie S.A. (MAK)?
Our model-based price target is the fair value of 25.51 PLN (as of Sep 23, 2026) from 26 valuation models. Cautious scenario 15.37 PLN, optimistic scenario 38.62 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Makarony Polskie S.A. stock forecast for 2026?
Our models put fair value at 25.51 PLN, about +5% upside versus a price of 24.40 PLN (fairly valued). Cautious scenario 15.37 PLN, optimistic scenario 38.62 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Makarony Polskie S.A. (MAK)?
Makarony Polskie S.A. reported trailing-twelve-month revenue of about 292M PLN (latest available figure, as of Sep 23, 2026).
Does Makarony Polskie S.A. pay a dividend?
Makarony Polskie S.A. currently shows a dividend yield of about 2.95% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Makarony Polskie S.A. (MAK)?
For today's price to be fair in a discounted-cash-flow model, Makarony Polskie S.A. would have to grow free cash flow by +27.8 % per year for five years (discount rate 12.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.4 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of MAK use?
Our models discount Makarony Polskie S.A. at 12.1 %: a base by market capitalisation (micro), damped by beta 0.27, country premium for Poland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Makarony Polskie S.A. that is +27.8 % per year a year over ten years, using the same discount rate (12.1 %) and the same formula as our fair value.
How much growth has Makarony Polskie S.A. (MAK) delivered so far?
Over the past 5 years revenue at Makarony Polskie S.A. grew +9.4 % a year. The price currently implies +27.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Makarony Polskie S.A. (MAK) growing?
The median revenue growth in the sector is +2.9 % a year. That is the yardstick for the growth priced into Makarony Polskie S.A. (+27.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Makarony Polskie S.A. (MAK)?
The free-cash-flow yield on the price is 2.27 %: that much free cash flow Makarony Polskie S.A. produces per unit of market value. When it exceeds the discount rate of our models (12.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Makarony Polskie S.A. (MAK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Makarony Polskie S.A. it is 25.51 PLN per share (as of Sep 23, 2026), against a price of 24.40 PLN. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Makarony Polskie S.A. stock overvalued or undervalued in 2026?
As of Sep 23, 2026, MAK trades below its calculated fair value: price 24.40 PLN, fair value 25.51 PLN, a gap of about +5% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MAK?
No. The price is what the market pays today (24.40 PLN); the fair value is what the company's own numbers justify (25.51 PLN). For Makarony Polskie S.A. the two are 1.11 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Makarony Polskie S.A. worth?
The market values Makarony Polskie S.A. at about 266M PLN (market capitalisation, as of Sep 23, 2026). Per share that is 24.40 PLN; our models calculate a fair value of 25.51 PLN per share.
What do the bullish and bearish scenarios say about MAK?
Our models span a range for Makarony Polskie S.A.: cautious scenario 15.37 PLN, base 25.51 PLN, optimistic 38.62 PLN per share (as of Sep 23, 2026, price 24.40 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MAK?
Makarony Polskie S.A. trades at a price-to-earnings ratio of 13.3 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 25.51 PLN is built from several models across several years. Other multiples: P/B 0.4, P/S 0.2, EV/EBITDA 1.0.
How solid is the balance sheet of Makarony Polskie S.A. (MAK)?
Balance-sheet figures for Makarony Polskie S.A. (as of Sep 23, 2026): return on equity 10.8%, debt of 0.02 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is MAK from its 52-week high?
Makarony Polskie S.A. trades at 24.40 PLN, about 9% below its 52-week high of 26.70 PLN and 24% above the low of 19.64 PLN (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 25.51 PLN is for.
Which stocks are comparable to Makarony Polskie S.A.?
From the same area (Consumer Defensive) we also value Nestlé S.A, Danone S.A, The Kraft Heinz Company, Foshan Haitian Flavouring and Food Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Makarony Polskie S.A. stock attractive at the current price?
The data as of Sep 23, 2026: price 24.40 PLN, calculated fair value 25.51 PLN (+5%), Quality Score 56/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MAK calculated?
We run Makarony Polskie S.A. through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 25.51 PLN, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.2 % above its aggregate fair value. Makarony Polskie S.A. currently trades 5 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Makarony Polskie S.A. (MAK)?
The closing price on Sep 24, 2026 was 24.40 PLN. Our model-based fair value is 25.51 PLN, about +5% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Makarony Polskie S.A. right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (15.37 PLN to 38.62 PLN) leaves room in how you read the outcome.
Where does the earnings growth of Makarony Polskie S.A. (MAK) come from?
Earnings per share at Makarony Polskie S.A. grew +20.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +8.6 %, EBIT margin +7.2 %, tax rate +0.7 %, residual (interest, one-offs) +2.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Makarony Polskie S.A.
How large is the market capitalisation of Makarony Polskie S.A. (MAK)?
The market capitalisation of Makarony Polskie S.A. is 266M PLN (≈ $69.3M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Makarony Polskie S.A. (MAK)?
The price-to-sales ratio of Makarony Polskie S.A. is 0.97 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Makarony Polskie S.A. (MAK)?
Earnings per share at Makarony Polskie S.A. are 1.84 PLN (price ÷ EPS = P/E 13.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Makarony Polskie S.A. (MAK)?
The dividend yield of Makarony Polskie S.A. is 3.0% (payout 39.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Makarony Polskie S.A. (MAK)?
The net margin of Makarony Polskie S.A. is 7.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Makarony Polskie S.A. (MAK)?
The return on equity (ROE) of Makarony Polskie S.A. is 10.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Makarony Polskie S.A. (MAK)?
On an EBIT basis the return on assets of Makarony Polskie S.A. is 12.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Makarony Polskie S.A. (MAK)?
The operating margin of Makarony Polskie S.A. is 10.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Makarony Polskie S.A. (MAK)?
Revenue at Makarony Polskie S.A. is growing −2.4% versus a year earlier (3y avg −3.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Makarony Polskie S.A. (MAK)?
Earnings per share at Makarony Polskie S.A. are growing −17.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Makarony Polskie S.A. (MAK) hold?
Makarony Polskie S.A. holds more cash than debt, 21.3M PLN net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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